ONWARD Medical raises over EUR 50 million to advance spinal cord therapies

ONWARD Medical, a global leader in spinal cord stimulation technologies, has successfully raised EUR 50.85 million through a private placement of 11.3 million new shares at EUR 4.50 per share, supported by strong demand from institutional investors. The transaction was led by Ottobock, joined by healthcare investor Invus and the ASR Global Impact Equity Fund, alongside other long-term backers.

Headquartered in the Netherlands with a Science and Engineering Center in Lausanne, ONWARD develops ARC Therapy, a suite of implantable and non-invasive systems that deliver targeted electrical stimulation to the spinal cord. These technologies are designed to restore movement, function, and independence for people living with spinal cord injuries (SCI) and other movement disabilities.

Following the FDA authorization of its ARC-EX System in early 2025, ONWARD has transitioned into a commercial-stage company, preparing the device’s rollout across the United States and Europe. The company is also advancing its ARC-IM implantable system, which can be paired with a brain-computer interface (BCI) to enable thought-driven movement.

According to CEO Dave Marver, the capital increase will support ONWARD’s mission to expand access to its therapies and accelerate innovation: “We plan to use this capital to expand ARC-EX commercial activities while advancing our pipeline with the planned initiation of our pivotal study for the implantable ARC-IM System. This transaction provides fuel for our mission to deliver therapies that restore movement, function, and independence after a spinal cord injury.”

The new funding extends ONWARD’s cash runway through at least the end of 2026, with 40% allocated to ARC-IM development, 30% to commercialization of ARC-EX, and the remainder to operational growth and general purposes.